SPCX jaga blow because SpaceX IPO hype, dem dey see valuation na $2.4 trillion
According to CoinDesk, Hyperliquid’s SpaceX IPO-tracking perpetual contract SPCX rebound on Friday to $176–$183 after it drop to about $153 earlier dis week. Market show open interest of roughly $216 million and 24-hour volume over $150 million. SpaceX price dem fixed at IPO price $135, mek SPCX implied first-day premium around 36%—up from 16% on Wednesday, but still below the 60% peak wey happen in May.
Bloomberg report say IG International derivatives point to SpaceX valuation near $2.4 trillion, more than 35% above the $1.77 trillion IPO issuance valuation. Separately, Polymarket traders put 70% chance say SpaceX first-day closing valuation go pass $2 trillion.
For traders, SPCX move concentrate liquidity and sentiment around the IPO pricing path, with derivatives metrics (OI/volume) wey confirm say na real participation no be thin speculation. The main near-term thing to watch be whether SPCX premium go mean-revert after the rebound or continue to expand if sentiment dey upgrade further.
Main keyword: SPCX. SPCX right now dey reflect elevated implied upside to SpaceX’s debut.
Bullish
Di tok say article good for traders because SPCX—wey dey directly tied to SpaceX IPO pricing expectations—bounce back sharp from $153 to $176–$183, and implied first-day premium climb to about 36%. Open interest dey rise (~$216M) and 24h volume heavy (> $150M), mean say traders dey actively position for possible stronger-than-expected debut.
This one resemble usual “event-driven” crypto-derivatives behavior wey dem dey see around big catalysts (like token launches, ETF/IPO narratives): when consensus expectations improve, implied premium and open interest dey expand first (price discovery), then e fit continue if momentum hold or e fit do small mean-reversion if market don already price the upside.
Short-term: SPCX premium expansion fit pull related risk-on positioning and make volatility high around the contract’s strike/expectations.
Long-term: if external valuation signals (Bloomberg/IG derivatives and Polymarket odds) still match a >$2T first-day outcome, e fit anchor higher expectation levels. But since na IPO narrative, any unexpected pricing/settlement details fit quickly reverse the premium, so traders suppose manage risk tight around event timing.